Dividends on Preferred Shares
Lithuania Corp No Dividends Have Been Paid Since December 31, 2016

Dividends on preferred shares
Lithuania Corp. has been authorized to issue 20,000 no par value, $ 6, cumulative and fully participating preferred shares and 100,000 no par value common shares. The account balances at December 31, 2020 are: $\begin{array}{l}\text { \$ } 6 \text { Preferred shares, } 4,000 \text { shares outstanding ....................................\$ 400,000 } \\\text { Common shares, 60,000 shares outstanding......................................... } 1,600,000\end{array}$ No dividends have been paid since December 31, 2016. The corporation now desires to pay $ 280,000 in dividends.
Instructions
Calculate how much the preferred and common shareholders will receive.